RBI has issued directions to certain banks for referring 12 accounts, with fund and non-fund based outstanding amount greater than Rs 5,000 crore and with 60 percent or more classified as non-performing as of March 31, 2016, to initiate insolvency process under the Insolvency and Bankruptcy Code, 2016, Minister of State for Finance Shiv Pratap Shukla said.

Observing that the time has come for the nation to be apprised of facts in this regard, Finance Minister Arun Jaitley said one should ask at whose behest the loans, which have turned NPAs were disbursed between 2008 and 2014 by public sector banks.

The government on October 24 unveiled Rs 2.11 lakh crore two-year road map for strengthening NPA-hit public sector banks, which includes re-capitalisation bonds, budgetary support, and equity dilution.